International Petroleum Investment Co., the state-owned company in Abu Dhabi seeking to capitalize on falling asset prices, agreed to pay 3.3 billion euros ($4.4 billion) to raise its stake in Cia Espanola de Petroleos SA.
IPIC will own about 47 percent of Cepsa, Spain’s second- largest oil producer, up from 9.5 percent before, the Abu Dhabi- based company said today in a statement. Cepsa, which closed at the end of last year at 67.60 euros a share, rose as much as 2.1 percent in Madrid trading after Banco Santander SA and Union Fenosa SA agreed to sell their stakes for 33 euros a share.
“The price looks reasonable for both sides,” said Francisco Salvador, a director at broker Venture Finanzas.
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